Zacks Investment Research Lowers CBRE Group (CBG) to Hold
CBRE Group (NYSE:CBG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Shares of CBRE Group have outperformed the industry it belongs to, in the past three months. Recently, the company announced the acquisition of a building technical engineering services provider in Italy — Geico Lender S.p.A. The move comes as part of the company’s strategic efforts to expand its facilities management expertise in the region. Notably, CBRE Group is experiencing strength in all three of its regional services businesses and solid growth in occupier outsourcing business. Going forward, its extensive real estate products and services offerings, improving leasing and outsourcing business, strategic in-fill acquisitions, transformational deals, and healthy balance sheet are expected to drive results. Yet, competition from international, regional and local players, its exposure to unfavorable foreign currency movements and uneasiness in certain global economies are concerns before CBRE.”
Several other equities research analysts have also issued reports on the company. Barclays reaffirmed a “buy” rating and set a $47.00 price target on shares of CBRE Group in a research note on Wednesday, December 27th. Bank of America lifted their price target on CBRE Group from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $41.00.
CBRE Group (NYSE:CBG) last issued its quarterly earnings results on Friday, November 3rd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.10. CBRE Group had a return on equity of 26.22% and a net margin of 5.75%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year. sell-side analysts forecast that CBRE Group will post 2.67 EPS for the current year.
In other news, insider Calvin W. Frese, Jr. sold 11,307 shares of CBRE Group stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $40.00, for a total value of $452,280.00. Following the transaction, the insider now owns 246,473 shares in the company, valued at $9,858,920. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Calvin W. Frese, Jr. sold 25,000 shares of CBRE Group stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $40.04, for a total value of $1,001,000.00. Following the completion of the transaction, the insider now owns 246,473 shares in the company, valued at approximately $9,868,778.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,024,872 shares of company stock valued at $129,080,441. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sentry Investment Management LLC increased its holdings in shares of CBRE Group by 0.3% in the second quarter. Sentry Investment Management LLC now owns 21,861 shares of the financial services provider’s stock worth $796,000 after buying an additional 59 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of CBRE Group by 1.4% in the second quarter. Ameritas Investment Partners Inc. now owns 7,240 shares of the financial services provider’s stock worth $263,000 after buying an additional 99 shares during the period. Thrivent Financial For Lutherans increased its holdings in shares of CBRE Group by 1.5% in the second quarter. Thrivent Financial For Lutherans now owns 17,969 shares of the financial services provider’s stock worth $654,000 after buying an additional 270 shares during the period. Advisor Group Inc. increased its holdings in shares of CBRE Group by 6.6% in the second quarter. Advisor Group Inc. now owns 5,480 shares of the financial services provider’s stock worth $198,000 after buying an additional 337 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in shares of CBRE Group by 5.6% in the second quarter. Macquarie Group Ltd. now owns 7,600 shares of the financial services provider’s stock worth $277,000 after buying an additional 400 shares during the period. Hedge funds and other institutional investors own 94.58% of the company’s stock.
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About CBRE Group
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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